Addleshaw Goddard's Investment Management Group has advised, Actis, a leading investor in growth markets, on the assumption of management rights of two flagship funds from collapsed Abraaj Group - Abraaj Private Equity Fund IV, a global buyout fund and Abraaj Africa Fund III, a fund for investment in sub-Saharan Africa.
The deal, which completed at the end of last week and includes investments from 14 portfolio companies across the two funds, is the culmination of months of negotiation after liquidators took over Abraaj, the failed Dubai based private equity group, after it was forced to file for insolvency in 2018.
The AG team was led by Legal Director Lisa Dinwiddy. Partners Lee Sheldon and Jonathan Powling supported on the deal, along with Jan Gruter.
Lisa Dinwiddy, Legal Director – Investment Management Group, said "We are delighted to have assisted Actis in providing a solution to investors and Actis' markets in what has been an extremely complicated and multi-faceted transaction."
Lee Sheldon, Partner – Investment Management Group, said: "The Abraaj collapse was a manager issue not a markets issue, it is encouraging to see widespread investor support for Actis to take over the management of two of these funds as a complement to its existing portfolio. Actis is now the biggest emerging market private equity fund in the world and we are proud to have helped them achieve this milestone."